US Oil trades well below 200 day 4HMA, targets $45
Major Support - $47.65 (200 4H MA)
Major resistance - $49.05 (21 day MA)
The US Oil breaks below 200 4 H MA and declined till $47.26 at the time of writing. It is currently trading around $47.52.
The commodity should close above $49.05 (21 day MA) for further upside. On the higher side, break above $49.05 would take the pair to next immediate resistance at $49.45/$50.01 (61.8% retracement $51.64 and $47.26).
The US oil break below $47.65 confirms minor trend reversal, a decline till $46.70/$46/$45 is possible.
It is good to sell on rallies around $47.60-$47.70 with SL around $49.05 for the TP of $46.70/$45.
Major resistance - $49.05 (21 day MA)
The US Oil breaks below 200 4 H MA and declined till $47.26 at the time of writing. It is currently trading around $47.52.
The commodity should close above $49.05 (21 day MA) for further upside. On the higher side, break above $49.05 would take the pair to next immediate resistance at $49.45/$50.01 (61.8% retracement $51.64 and $47.26).
The US oil break below $47.65 confirms minor trend reversal, a decline till $46.70/$46/$45 is possible.
It is good to sell on rallies around $47.60-$47.70 with SL around $49.05 for the TP of $46.70/$45.
